U.S. stocks rallied, driving the Standard & Poor’s 500 Index to its best weekly gain since December, amid speculation European and American central banks will join China in trying to spur economic growth.

U.S. Treasury bonds rose in Asia on Friday, as stocks tumbled and investors sought the safety of fixed-income assets after Federal Reserve Chairman Ben Bernanke refrained from explicit pledges of more easing ahead.

Copper is on track to extend its losing streak to a sixth week, its longest such run in two years, as China’s surprise interest rate cut reflected the gravity of the slowdown in the world’s No. 2 economy that may be confirmed by a raft of data due this weekend.

U.S. stocks rallied, driving the Standard & Poor’s 500 Index to its best weekly gain since December, amid speculation European and American central banks will join China in trying to spur economic growth.

The Dow Jones industrial average gained 93.24 points, or 0.75 percent, to 12,554.20 at the close. The Standard & Poor’s 500 Index rose 10.67 points, or 0.81 percent, to 1,325.66. The Nasdaq Composite Index climbed 27.40 points, or 0.97 percent, to close at 2,858.42.

Friday, 8 June 2012

Asian stocks fell, paring their first weekly advance since April, the euro weakened and oil headed for the longest losing streak in 13 years as comments by Federal Reserve Chairman Ben S. Bernanke overshadowed China’s first interest-rate cut since 2008.

The US markets lost steam in the final hour of trading to finish mixed, after the Federal Reserve announced new capital rules for financials and following Bernanke’s comments that offered little hope for further central bank intervention.

Prices on the 30-year government bond ended down 11/32 at 105-1/32 for a yield of 2.75 percent, up 1.6 basis points on the day. The 30-year yield has risen 24 basis points since touching a record low of 2.51 percent last Friday.

The most-active September copper contract on the Shanghai Futures Exchange fell 0.5 percent to 53,400 yuan($8,400) a tonne, after dropping 0.3 percent the session before. It looks set to end the week 2 percent lower.